Xero annual loss in line with forecast

23:12, Aug 14 2013

Xero has confirmed it has doubled its operating revenues to $39 million and recorded an annual net loss of $14.4 million for the year to March.

The loss, up from a $7.9m loss last year, had been previously flagged at up to $15m and was fractionally less than a $14.8m figure forecast by analyst Forsyth Barr earlier this month.

As had been previously indicated, Xero's customer numbers grew to 157,000.

Revenues from New Zealand customers contributed $16.9m of Xero's sales, up from $10.3m last year, but the biggest revenue jump came from Australia, where sales rose from $5m to $13.9m.

Receipts from Britain doubled to $5.5m and the contribution from the "rest of the world", including the United States, rose from $1.3m to $2.7m.

Xero's staff numbers grew from 194 to 382 during the period.

In a brief commentary accompanying the results, Xero said it was still at the "beginning of its journey".

"For 2014 we intend to continue our high-growth plan, further increasing the capacity of our team to continue our progress in all markets," the company said.

It ended the period with $78.2m in cash and annualised committed monthly revenues of $51.5m.

Xero shares were trading up 11 cents at $13.91 shortly after the announcement, valuing the company at $1.63 billion.